Horizontal Analysis BALANCE SHEET

Account Title Change in Peso(In Millions) Change in Percentage

2013-2014 2014-2015 2013-2014 2014-2015
ASSETS % %
Cash & Cash
Equivalents (P 4,312) P 5,964 (30.37) 60.33
Trade & Other Receivables, net (347) ( 881) (5.46) (14.67)
Inventories 206 306 6.33 8.84
Prepaid Expenses & Other Current Assets 124 133 13.22 12.52
Total Current Assets ( 4,349) 5,522 (17.58) 27.05

Investment, net ( 2) - (3.22) -

Property,plant & equipment,net (424) (1,361) (2.06) (6.76)
Investment property, net 683 124 93.18 8.76
Intangible Assets, net (11) (11) (.03) (.03)
Deferred tax assets (299) (36) (15.66) (2.24)
Other noncurrent assets, net 20 305 .22 3.41
Total Noncurrent Assets (33) (979) (.048) (1.44)

LIABILITIES
Accounts payable and accrued expenses (1,406) 934 (17.88) 14.47
Income and other taxes payable (219) 224 (7.63) 8.45
Current maturities of long-term debt net of
debt issue costs (22,386) - (100) -
Total Current Liabilities (24,011) 1,158 (7.25) 12.72

Long-term debt net of debt issue costs 14,891 48 6.58 .13

Deferred tax liabilities 366 (269) 215 (70.23)
Other noncurrent liabilities ( 827) (131) (20.10) (3.98)
Total Noncurrent Liabilities 14,430 (352) 53.93 (.85)

EQUITY
Capital stock - - - -
Additional paid-in capital - - - -
Cumulative translation adjustment 73 (66) 8.62 (8.53)
Reserve for retirement plan ( 372) 211 12.96 8.45
Retained earnings 4,424 3,726 22.41 15.42
Treasury Stock - - - -
NCI 350 156 16.54 6.33
Total Equity P 5,219 3,737 15.80 9.77
Horizontal Analysis INCOME STATEMENT

Account Title Change in Peso(In Millions) Change in Percentage

2013-2014 2014-2015 2013-2014 2014-2015

Sales P 3,952 3,369 5.27 4.26

Cost of sales 3,389 2,017 8.60 4.71
Gross profit 563 1,352 15.79 3.73

Selling & administrative

expenses 38 800 .27 5.66
Interest expense & other
financing charges (1,150) (125) (29.70) (4.60)
Interest income (275) 73 (59.40) 38.83
Impairment loss on
noncurrent assets - 1,011 - -
Other income (charges) net (244) 5 (83) 10
Income before tax 1,744 (256) 9.77 (1.31)
Income tax expense 750 (259) 14.07 (4.26)
Net income 994 3 7.94 .022
Vertical Analysis BALANCE SHEET

Change in Percentage
Account Title 2013 2014 2015

ASSETS
Cash & Cash Equivalents 15.28 11.16 17.03
Trade & Other
Receivables, net 6.84 6.78 5.50
Inventories 3.50 3.91 4.05
Prepaid Expenses &
Other Current Assets 1.01 1.20 1.28
Total Current Assets 26.63 23.05 27.86

Investment, net .067 .068 .064

Property,plant &
equipment,net 22.11 22.72 20.15
Investment property,
net .790 1.60 1.65
Intangible Assets, net 38.76 40.65 38.66
Deferred tax assets 2.05 1.82 1.69
Other noncurrent
assets, net 9.60 10.10 9.92
Total Noncurrent
Assets 73.37 76.95 72.14
Total Assets 100% 100% 100%

LIABILITIES
Accounts payable and
accrued expenses 8.46 7.30 7.94
Income and other taxes
payable 3.09 2.99 3.09
Current maturities of
long-term debt net of
debt issue costs 24.09 - -
Total Current Liabilities 35.64 10.28 11.02

Long-term debt net of

debt issue costs 24.35 42.37 40.35
Deferred tax liabilities .018 .43 .12
Other noncurrent
liabilities 4.43 3.71 3.39
Total Noncurrent
Liabilities 28.80 46.52 43.87

EQUITY
Capital stock 16.60 17.40 16.55
Additional paid-in
capital .55 .58 .55
Cumulative translation
adjustment (.91) (.87) (.76)
Reserve for retirement
plan (3.09) 2.82 (2.91)
Retained earnings 21.25 27.30 29.96
Treasury Stock (1.11) (1.16) (1.11)
NCI 2.28 2.78 2.82
Total Equity 35.56 43.20 45.11
Total Liabilities &
Equity 100% 100% 100%
Vertical Analysis INCOME STATEMENT

Account Title Change in percentage

2013 2014 2015
Sales 100% 100% 100%
Cost of sales 52.50 54.17 54.40
Gross profit 47.50 45.83 45.60

Selling & administrative (18.78) (17.89) (18.13)

expenses
Interest expense & (5.16) (3.45) (3.15)
other financing charges
Interest income .62 .24 .32
Impairment loss on - - (1.23)
noncurrent assets
Other income (charges) (.39) .063 .067
net
Income before tax 23.78 24.80 23.48
Income tax expense (7.10) (7.70) (7.07)
Net income 16.68 17.11 16.41
Ratio Analysis

Profitability Ratio: Interpretations

2015

Gross profit rate 45.60%

Return on total assets 21.29%
Times preferred dividends -
earned
Return on shareholders equity 33.70%
Return on ordinary shareholders 33.70%
equity

Liquidity Ratio:

Net working capital P 15,672

WC to total assets 16.83:1
WC turnover 2.95
Current ratio 2.53:1
Quick Assets 2.04:1
Defensive interval ratio 2 days
Receivable turnover 14.52x
Average collection period 25 days
Inventory turnover 12.40x
Inventory days 29 days
Total conversion period 54 days
Earnings per share P0.86

Growth Ratio:

Price Earning P .043

Dividend yield P .031
Dividend Payout P .072
Book value/share P 2.73
Leverage ratio 1.13
Debt to assets 65%
Equity to assets 35%
Debt to equity 1.22
Noncurrent assets to long-term 2.55
debt
Times interest earned 8.65x